Georgia Business Insurance: The Risks Of Using Social Media!
1/12/2012 12:00:00 AM
When companies use social media to promote their business, they need to be aware of its vulnerabilities and be very mindful of cyber security. According to the Insurance Information Institute (I.I.I.), surveys by Symantec showed that 92% of companies suffered losses as a result of cyber attacks in 2011. These very modern security issues highlight the need for Georgia business insurance to cover not only traditional risks, but also specialist coverage for cyber risks.
Losses from cyber attacks include downtime, various types of theft including that from employees, customers, intellectual property, and/or financial information, as well as identity theft. According to the I.I.I., research sponsored by Zurich showed that many businesses did not purchase cyber risk insurance for a number of reasons. These included that they found it to be too expensive, the deductibles were too high, and the policies were too limited or lacking clarity.
Insurers are currently developing policies that include social network risk coverage as part of the business insurance package, rather than as a separate policy. Liability coverage is an important part of this insurance due to the risk of privacy breaches, virus transmission that causes problems to third parties, allegations of advertising injury or defamation, and copyright issues.
Risk management is changing with the increasing use of technology and the internet. Insurance that includes coverage for cyber attacks and social media activities as part of a broader Georgia business insurance package may go a long way towards providing financial protection for these types of risk!
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Losses from cyber attacks include downtime, various types of theft including that from employees, customers, intellectual property, and/or financial information, as well as identity theft. According to the I.I.I., research sponsored by Zurich showed that many businesses did not purchase cyber risk insurance for a number of reasons. These included that they found it to be too expensive, the deductibles were too high, and the policies were too limited or lacking clarity.
Insurers are currently developing policies that include social network risk coverage as part of the business insurance package, rather than as a separate policy. Liability coverage is an important part of this insurance due to the risk of privacy breaches, virus transmission that causes problems to third parties, allegations of advertising injury or defamation, and copyright issues.
Risk management is changing with the increasing use of technology and the internet. Insurance that includes coverage for cyber attacks and social media activities as part of a broader Georgia business insurance package may go a long way towards providing financial protection for these types of risk!
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